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Bitcoin is falling on the old China FUD, while XRP continues to buck the trend

Wednesday, May 19, 2021 10:51 a.m.

Crypto at a glance

Crypto markets are back down again today, with total market cap dropping below $ 2 trillion for the first time since April. Is there more to fall or is it time to buy the dip?

Bitcoin is leading the slump again, falling just below $ 40,000 this morning for the first time since February. It has since bounced back to just under $ 41,000, but can the resistance hold at that level?

It’s worth noting that Bitcoin was trading at $ 37,000 when Tesla first announced it would accept the leading cryptocurrency as a payment method. Is that a level to watch out for?

Fear seems to be gripping the market right now as a lot of old FUDs are making the rounds. Even rumors that China will ban crypto for the 100th time are surfacing again – something they did back in 2017. The Crypto Fear and Greed Index, a metric that measures the current sentiment in the Bitcoin market, reflects this, which has fallen to “extreme fear” values ​​not seen since April 2020.

These are often viewed by some as buying opportunities, with crypto research leader Arcane stating in a report, “In the past, an extremely fearful market like this one has offered solid buying opportunities in bull cycles in the past.” Will they prove correct?

Today it’s a Red Sea everywhere, with Ethereum also falling 14 percent to below $ 3,000. Only Polgyon (MATIC) is currently bucking the trend with a plus of 12 percent in the last 24 hours. Ripple (XRP) is also relatively stable at around $ 1.50.

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In the markets

The bitcoin economy

* For definitions and insights, see https://bytetree.com/insights/

Total crypto market capitalization

The total capitalization of the entire cryptocurrency market at the time of writing is currently $ 1,827,193,544,520, from $ 2,114,266,791,289 yesterday.

What Bitcoin did yesterday

We got yesterday, May 18, 2021, for the price of. closed $ 42,909.40, from $ 43,537.51 the previous day.

The daily high was $ 45,812.46 yesterday and the daily low was $ 42,367.83.

Around this time last year, Bitcoin’s price closed the day at $ 9,726.57. In 2019, it closed at $ 7,271.21.

Bitcoin market capitalization

Bitcoin’s market capitalization at the time of writing is $ 751.97 billion, down from $ 843.75 billion yesterday. So it’s back on Facebook. To put it in context, gold’s market cap is $ 11.89 trillion and Alphabet (Google) is $ 1.533 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges in the last 24 hours was $ 69,763,283,844, down from $ 64,747,766,359 yesterday. High volumes may indicate that any significant price move has stronger support and is more likely to be sustained.

volatility

Bitcoin’s price volatility over the past 30 days is 63.43%.

Fear and greed index

Market sentiment stands at 23 today, up from 21 yesterday.

Bitcoin’s market dominance

Bitcoin’s market dominance is today 41.11, up from 40.70 yesterday. The lowest dominance ever measured was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 24.33, lower from 32.49 yesterday. A reading of 70 or above indicates that an asset is being overbought and may be prepared for a trend reversal or price correction – an RSI of 30 or below indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“Think Morgan Stanley… 4,000 financial advisors have just trained to sell Bitcoin. We will have these armies of freshly anointed converts.

– Mike Novogratz, CEO of Galaxy Investment Partners

What they said yesterday

Saylor sails on …

MicroStrategy purchased an additional 229 bitcoins for $ 10.0 million in cash at an average price of ~ $ 43,663 per bitcoin. On May 18th, 2021 we purchased ~ 92,079 bitcoins for ~ $ 2.251 billion at an average price of ~ 24,450 per bitcoin. $ MSTRhttps: //t.co/fU6LN4WbKI

– Michael Saylor⚡️ (@saylor) May 18, 2021

Deflate 2.0 …

Hungary for Bitcoin …

Hungary 🇭🇺 becomes home to the world’s first Satoshi Nakamoto statue, the creator of Bitcoin.

Thanks to community funding, it will be a life-size bronze bust with a mirror face so that everyone can see their own face when standing in front of it.

“We are all Satoshi”

– Documenting Bitcoin 📄 (@DocumentingBTC) May 18, 2021

Crypto AM Editor writes

Bitcoin gets nervous as Elon Musk’s curious interference continues …

Dogecoin inventor attacks “self-absorbed” Musk …

Ethereum is still to come and is on track for $ 5,200, experts say …

Ethereum breaks $ 3,000 with a market cap larger than Bank of America’s …

Ethereum approaches $ 3,000 while Bitcoin takes off the gas …

Cardano partners with Save the Children for a humanitarian initiative….

HMRC did not enforce crypto …

Binance jumps onto the NFT market …

Ethiopia is revising its education system with IOHK blockchain partnership …

Crypto AM: Longer reads

City AM Markets: What is Decentralized Finance (DeFi) from Aave …

Crypto AM: Conversation with James Bowater

Crypto AM: Market View

Krypto AM: Technically

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr. Chris Kacher

Crypto AM: speak legally

Krypto AM: Spotlight

Crypto AM: Founder Series

Crypto AM: Industry voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitely DeFi

Crypto AM parliamentary special offer

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Part One…

Second part…

Part three…

Part four …

Part five …

Crypto AM: Recommended events

Crypto AM DeFi & Digital Inclusion Online Summit powered by Cointelligence Fund

May 2021

Crypto AM DeFi & Digital Inclusion Summit – May 20 | Hopin

AIBC world

May 25-26, 2021 – Dubai

https://aibc.world/events/uae/general-info/

Bitcoin 2021

June 3-5, 2021 – Miami

https://b.tc/conference

Round table Crypto AM City of London

Crypto AM DeFi & Digital Inclusion Summit

&

Crypto AM Awards 2021

September 29th to 30th, 2021

Warning notices

It is certainly tempting to get carried away with the excitement, but please heed this warning: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. Remember, however, that the content of this article is provided for informational purposes only and does not constitute investment advice or any form of recommendation or invitation. City AM, Crypto AM, and Luno always advise you to seek your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:30 GMT.

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